Paulo Coelho is one of the most influential authors in the world. His most phenomenal book is the novel “O Alquimista” which has been translated in more than 150 languages. And there is the Arabic version of this novel entitled “Al-Khimiyai”. There are many moral values inside this novel. But most of them are written implicitly in each event in the story. Therefore, the researcher wants to find those events that containing moral value in Paulo Coelho’s Novel “Al-Khimiyai”, and what kind of moral values that contained in events in Paulo Coelho’s Novel “Al-Khimiyai” using hermeneutic analysis.

In order to answer the statement of the problems, the researcher uses data analysis method of Miles and Huberman that consist of four stages of activities: data collection, data reduction, data display, and conclusions (drawing/verifying). And in order to reveal what kind of those implicit moral values are, hermeneutic study is needed because hermeneutic is a theory in understanding and explaining text. Therefore the researcher uses a hermeneutic analytical study in the process of data display to reveal the moral values contained in Paulo Coelho’s Novel “Al-Khimiyai”.

The researcher has found two points of results from the analysis process. They are: 1) There are 10 events that containing moral value in Paulo Coelho’s Novel “Al-Khimiyai”; 2) There are 12 kinds of moral values in Paulo Coelho’s Novel “Al-Khimiyai” and those all are correspond to Imam Al-Ghozali’s four pillars way to a good morality from his book “Ihya Ulum Ad-Din”.